Corona Capital: Sony, Beer, Heathrow vs. De Gaulle

. The mixed fortunes were reflected in the duo’s shares: Heineken fell nearly 5% on Wednesday while Carlsberg’s stock bounced 2%.

China’s recovery is lifting many boats. Although it was ground zero for the pandemic, the People’s Republic has deftly arrested the virus. That led to a 4% sales boost for Carlsberg in the quarter ending Sept. 30. Heineken also saw double-digit volume growth in China, but its focus on the United States and Europe, where countries like France are considering national lockdowns, makes it vulnerable. Pivoting east is becoming the easiest way to put some fizz into earnings.

Holland-Kaye blamed the United Kingdom’s slow adoption of passenger testing, which he sees as an alternative to a 14-day mandatory quarantine. The first UK airport testing only began in October and is available in two of five terminals. Heathrow has enough cash to stay open for the next 12 months even without revenue. France, however, may

, sending shares of De Gaulle operator ADP down 6% on Wednesday. The busiest-airport crown may yet return to England. Packs of Heineken beer are displayed for sale in a Casino supermarket in Nice, France, January 16, 2017.

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